Washington: President Barack Obama today promised to “look at” export controls to make sure Indian firms have the same access to American technologies as “closest allies” and expressed the hope that the new year will see deals for the US companies to build new reactors in India.

Welcoming Prime Minister Narendra Modi’s efforts to cut red tape and make it easier for doing business in India, he said both countries can do even more to increase the trade and investment that creates jobs for people in both nations.

He said the bilateral trade “is still just a fraction of what it could be” and both countries can do more. Bilateral trade between India and the US is now around USD 100 billion – rising five-fold in the last decade. Obama and Modi have set a goal of taking it to USD 500 billion in the next few years.

“Under our civil nuclear agreement, we’re hopeful that this year will see deals for US companies to build new reactors, which will mean more reliable electricity for Indians… “For our part, the United States continues to look at our export controls to make sure Indian companies have the same access to American technology as our closest allies,” Obama told in wide-ranging interview.